It was an absolute delight to host the Bancassurance Association of Kenya (BAK) on Wednesday 20th March 2024 at our Head Office in Reinsurance Plaza, Nairobi. The BAK team was led by its Chairman Mr. Aggrey Mulumbi who is also the Managing Director and Principal Officer of KCB Bancassurance Intermediary Limited. He was accompanied by the Vice Chairperson - Ms. Maureen Stephyne who is also the Managing Director and Principal Officer of HF Bancassurance Intermediary Limited as well as the Association’s Secretary - Mr. Alois Wafula who is the Manager Bancassurance and Principal Officer of Faulu Bancassurance Intermediary. BAK is a strong association with a member demographic of twenty-four (24) banking institutions – all licenced to conduct insurance business by the Insurance Regulatory Authority (IRA).
The team was warmly received by our Group Managing Director, Dr. Hillary Wachinga. The meeting, that was sought by Kenya Re, aimed at collaboration with BAK on innovation, new products and trainings offered by Kenya Re’s premier capacity building center – Kenya Re Training Academy. BAK Chairman, Mr. Mulumbi, expressed his glee on the meeting request by Kenya Re noting its timeliness in closing the information gap between reinsurers and bancassurance entities. The BAK team highlighted the strategic nature of Bancassurance entities in uptake of insurance; adding that insureds have increased trust with them due to liquidity and subsequently surety in payment of fully supported claims. Mr. Mulumbi assured Dr. Wachinga that the future of Bancassurance is increasingly becoming brighter and poised to control 48% Annual Gross Premiums. In a rejoinder, Dr. Wachinga, underscored the Corporation’s desire for strategic business value through partnership with BAK. He noted the BAK’s richness in data and business intelligence will be vital in the way Kenya Re conducts its reinsurance business.
The meeting resolved to rapid engagement for partnership in innovation, training and product development targeted at deepening insurance penetration. An agreement was arrived at on formation of working groups from both entities to kickstart the partnership as well as keep track on progress. Dr. Wachinga was joined in the meeting by General Manager, Reinsurance Operations – Mrs. Beth Nyaga, Manager, Marketing, Business Development and Kenya Re Training Academy Coordinator – Ms. Lucy Kagwiria, Manager, Investments - Mr. Nicodemus Gekone and Acting Manager – Life Business, Mr. Yoves Angwenyi.
